Chinese web big, Tencent has been granted a license to function a “blockchain financial institution,” by Hong Kong’s Monetary Authority, which is liable for sustaining town’s financial and banking stability. The announcement was made at present, on the Wuzhen blockchain convention in China, by Cai Weige, common supervisor for blockchain at Tencent.
In a keynote speech on the convention, Weige stated merely that “Tencent Virtual Bank has obtained a Hong Kong license and is currently preparing a blockchain virtual banking team.”
Few additional particulars got, nevertheless Chinese media hailed the announcement as bullish for the cryptocurrency business. It follows information, on Wednesday, that Hong Kong’s monetary regulator is introducing licenses for cryptocurrency exchanges. The new guidelines relate to platforms providing digital securities.
Tencent has lengthy been energetic in blockchain innovation. It’s the dad or mum firm of main Chinese social media platform, WeChat and operator of its fee system. It’s additionally an organization favored by the Chinese authorities, who’ve championed Tencent’s analysis packages.
Analysts at MICA Research, a cryptocurrency analysis startup, have been sceptical about the usage of “virtual banking licenses” to function “blockchain digital banks.” They indicated that Tencent could also be responding to China’s new nationwide coverage of championing innovation in blockchain expertise.
And certainly, Weige echoed the mantra of the Chinese President Xi Jinping, when he referred to blockchain as an key enabling expertise, which could be built-in with the Internet of Things and AI.